According to a leaked letter circulating on social media yesterday, BYD has asked its suppliers to accept price cuts in the coming year – a major signal that the Chinese EV maker is gearing up to intensify the price war in China even further, all while pushing harder into Europe and other markets.
A screenshot of an email from BYD circulated on Weibo yesterday, according to Reuters, demanding “10% price cuts from an unnamed supplier from January.”
BYD’s PR and branding director Li Yunfei responded to the leak in a Weibo post: “Annual bargaining with suppliers is a common practice in the automotive industry,” according to Bloomberg. “We put forward price reduction targets to suppliers. They’re not mandatory requirements. We can negotiate.”
In response, Volkswagen and Stellantis have teamed up with Chinese brands Xpeng and Zhejiang Leapmotor to build EVs, while EV maker HiPhi and Shanghai-based WM Motor have filed for bankruptcy, Bloomberg reports.
Leaked email from BYD signals its plan to intensify price war
Meanwhile, BYD is looking large and in charge. It’s currently ramping up production by close to 200,000 units to meet demand, and the company has hired nearly 200,000 new employees over the past three months. Earlier this year, the company led a fresh round of industry-wide price cuts, aggressively slashing prices on its best-selling models, and in turn, gained market share and pushed weaker rivals even further to the brink.
BYD is China’s best-selling car brand, having sold some 3.2 million plug-in hybrids and BEVs this year, including a record-breaking 500K million vehicles in October. Its cars account for more than one-third of the total sales of EVs and plug-in hybrids in China this year.
By the end of this year, it looks to be on track to selling an incredible 4 million units.
In the July-September quarter, BYD’s net profit rose to 11.6 billion yuan ($1.63 billion). Also, third-quarter revenue was up 24% on year $28.24 billion, which outpaced major rival Tesla’s for the first time. Tesla’s revenue for the July-September quarter reached $25.2 billion.
BYD still sells more than 90% of its vehicles in China, but it is pushing hard into Europe and other markets, despite higher tariffs. The automaker is looking to double exports to 450,000 vehicles this year.
Photo credit: BYD
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After Donald Trump’s US election win, French energy giant TotalEnergies has hit the pause button on Attentive Energy, its planned offshore wind farm off the New York coast.
“Offshore wind, I have decided to put the [Attentive Energy] project on pause” with Trump’s return, said Total CEO Patrick Pouyanne on Tuesday at an energy conference in London. “I said to my team, the project in New York, we’ll see that in four years. But the advantage is it’s only for four years.”
Total’s offshore wind project is Attentive Energy, which is an 84,332-acre area around 54 miles from its nearest point to New York and 42 miles from its nearest point to New Jersey. Attentive Energy has the potential to generate 3,000 MW of clean energy to power nearly 1 million homes.
The company won the rights to develop Attentive Energy in a record-setting auction in 2022 and planned to bring it online in the early 2030s. But the project is currently in a very early phase, and it’s not permitted. It hasn’t filed a construction and operations plan with the US Department of the Interior, and that review process can take at least three years, which would be particularly challenging, if not impossible, under an administration that openly opposes the offshore wind industry.
Trump is a vocal critic of offshore wind and has repeatedly vowed on the campaign trail to target the industry with an executive order on his first day in office. His plans are vague but probably relate to lease sales and permitting. He’s also chosen pro-fossil fuel fracking executive Chris Wright as secretary of energy.
However, Trump won’t be able to cancel offshore wind farms that are fully permitted and are at more advanced construction stages.
Total is retaining Attentive Energy’s lease so it can resume work on the offshore wind project after Trump’s term ends under a more environmentally friendly administration.
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With US President-Elect Trump reportedly planning to cut federal incentives, EV sales are expected to surge in November and December. Right now, major discounts are slashing upwards of $10,000 to $20,000 off some of the most popular EV models, but that could change in 2025.
EV sales are expected to surge with discounts on the line
According to Cox Automotive, “EV sales are expected to surge in November and December” ahead of Trump taking office.
“We may see an increase in electric vehicle (EV) and plug-in hybrid (PHEV) sales over the next few months as buyers move to take advantage of discounts that may disappear in 2025,” Charlie Chesbrough, senior economist at Cox Automotive, said.
A Reuters report earlier this month claimed Trump’s transition team was planning to kill off the $7,500 federal tax credit for clean car buyers.
Chesbrough explained that with fewer discounts on the line, buyers are expected to take advantage of them while they are still being offered, leading to “robust activity through the end of the year.”
In October, EV sales in the US reached a milestone. With another 106,155 units sold last month, over 1 million EVs have now been handed over to buyers.
EV lease deals are adding up
Higher incentives and discounts have helped fuel the growth. In Q3, EV incentives were over 12% of the vehicle’s average transaction price, much higher than the industry average of about 7%.
The $7,500 federal tax credit is the biggest factor behind the discounts. Although the credit is for EV purchases, a loophole enables automakers to pass it on through leasing.
Combined with other offers like loyalty and conquest, lease discounts, and bonus cash, some EV discounts are reaching upwards of $10,000 to even $20,000.
For example, you can score up to $21,150 off the 2024 Acura ZDX luxury SUV with combined discount offers. Ford is also offering up to $17,500 off its F-150 Lightning pickup through an end-of-year promo. A few EVs are even available to lease for under $300 this month.
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2024 Nissan LEAF
$109
36
$2,529
$179
2024 Kia Niro EV
$169
24
$3,999
$336
2024 Kia EV6
$179
24
$3,999
$346
2024 VinFast VF 8
$199
36
$894
$244
2024 Hyundai IONIQ 5
$199
24
$3,999
$366
2024 Honda Prologue
$229
36
$1,299
$259
EVs for lease under $300 per month in November 2024
With the $7,500 credit, the 2025 Chevrolet Equinox EV can be bought for as little as $26,100. GM calls the new electric SUV “America’s most affordable 315+ mile range EV.”
Honda just extended its ultra-low $229 per month lease offer to 17 additional US states after introducing it in California last month. For a nearly $50,000 electric SUV, $229 per month (36 months, 10,000 miles per year) is a pretty good deal.
Ready to take advantage of the savings? The offers won’t last long. You can use our links below to find deals on popular EV models in your area.
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Several owners in cold weather regions were experiencing difficulties entering their vehicles because the door handles wouldn’t open, the windows, which need to go down about an inch to open the doors, would jam, and even the charge port would freeze shut.
While charge port heaters have been in vehicles for years, Tesla never really gave the option to owners to specifically defrost their charge ports. Instead, it would activate when turning on the overall or rear defrosting functions of the vehicles.
This is now changing.
Not A Tesla App, which tracks Tesla software updates, is nothing that some Tesla vehicles are now getting the specific option to activate the charge port heater with the latest software update:
Tesla has finally added a solution to this problem. You can now manually turn on the charge port heater by going to Controls > Service > Charge Port Heater. However, the feature is not available on all vehicles. It’s only appearing in the release notes for a very small segment of vehicles. We’ve confirmed that it is showing up on a 2024 Model X and some 2023 Model Ys on Tesla software update 2024.44.3.1.
The change is coming right in time for the cold weather, and it should enable owners to target the charge port when needed – increasing efficiency.
Electrek’s Take
To be honest, I haven’t heard many issues about frozen charge ports since the first winter with the Model 3. I had this issue myself during the first winter.
There were a few reports about it the next two winters, but Tesla did help a lot simply with a software update to better manage the airflow toward the charge port area. Then, when the heater was introduced, it seemed to have basically eliminated the issue.
I still like to have a direct option to activate the specific charge port heater. It makes sense.
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